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LatinNews Daily - 18 May 2021

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In brief: Signs of economic growth in Q1 for Brazil

* The Instituto Brasileiro de Economia at the Fundação Getulio Vargas university (Ibre/FGV) has released Q1 figures from its GDP monitor, which show that Brazil’s economic activity grew 1.7% in January-March 2021 in seasonally-adjusted terms, compared with the final quarter of 2020, and 1.6% year-on-year. Claudio Considera, coordinator of the FGV’s GDP monitor, said that the positive quarter-on-quarter result was a surprise. In monthly terms, economic activity contracted 2.1% in March compared with February, a reflection of the adoption of containment measures by local authorities in Brazil in the face of a sharp second wave of coronavirus (Covid-19) infections, and a result which “shows the fragility of this [Q1] growth” and “the importance of accelerating the process of vaccinating the population [against Covid-19] as a first step for the economy to grow more sustainably in the long term”, according to Considera.